HIBERNIA OVERRUN MAY HIT $1 BILLION
Partners in the Hibernia oil field development project off Newfoundland face a cost overrun of as much as $1 billion on the $5.2 billion (Canadian) project. The figure was released by Petro-Canada, Calgary, based on a 5 month study of delays and cost overruns (OGJ, Apr. 25 , Newsletter). The report said Hibernia, on the Grand Banks, is 6 months behind schedule on its current development timetable.